A new fintech business which I was presented to previously this year. Currensea Card Can I Use It In The Philippines…
It has actually won a few awards over recent months for what it does (using you a low-cost method to invest abroad) but what I like about is that it is simple as hell. This is an advantage.
is, efficiently, a direct debit travel card. You simply invest as you would on a typical debit card and the money is taken from your present account– just without the typical 3% charge.
Oh, and is complimentary to look for, which likewise assists.
There are also some intriguing travel benefits if you choose a paid strategy, however the free strategy works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or less expensive than the competitors
include more and more features which your existing customers don’t really need or desire
include charges, fees or limitations to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Monzo, curve and revolut are currently in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Can I Use It In The Philippines
It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You do not (yet …) earn any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which use rewards and charge 0% FX costs are few and far between. The only ‘points and miles’ alternatives which provide a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another charge card particularly to utilize abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals per month with no fees and only a minimal FX mark-up (there is a little cost beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I stated earlier, a really easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank instantly confirms that you have adequate money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% cost if you have the totally free card. There are no charges if you have one of their paid cards.
You get an automatic invest notification by means of the app, if you select to install it.
The cash is drawn from your bank account a few days later.
Here is an example. Without any foreign travel in the diary, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a couple of days later on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to happen (typically in a various language) while not telling you about the expensive currency conversion fees happening in the background. Do not get me started. Anyway back to the positives for a bit anyway.
In current years a handful of fantastic travel debit cards have actually popped onto the scene … and like other terrific cards Currensea assures big savings (85%) and a great app.
But I believe the best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can spend cash you have in your existing current account with less stress over lacking cash and the additional step. That does not mean it is ideal.
In this Currensea review is the great, the bad, the ugly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per transaction, enabling us to make revenue from our Necessary Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our plans, full information can be discovered on our rates strategies.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership fee also gets rid of all FX markup on deals.
Every time you invest with your card we get a small % of the deal, referred to as interchange, this comes directly from the merchant and won’t be credited you. Currensea Card Can I Use It In The Philippines